A new competition for startups by Santander

Santander has launched a competition to support startups using distributed ledger technology in financial services (FinTech).

Through its subsidiary InnoVentures, the bank hopes to promote distributed ledger tools that could improve banking processes.

The competition is a joint effort between Santander and Onevest, a crowdfunding community focused on startup investing.

The Santander InnoVentures DL Challenge is aimed at startups worldwide; it will focus on areas such as mortgage processing, trade finance and asset leasing. The winner of the Challenge will receive a $15,000 cash prize to help fund the startup and get it ready for angel investment.

Onevest will provide mentorship and guidance before presenting the winner to its 1.000 Angels private investor community to pitch for ongoing funding. The winner will also be given access to market and technology specialists at Santander InnoVentures and its parent, the Santander Group.

Entrants will be shortlisted and then selected by a panel of DL and blockchain technology experts at a Challenge event to be held in New York during January.

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